Acting Prime Minister Dr. John Colin McIntyre says the new Eastern Caribbean Asset Management Corporation (ECAMC) Act is expected to take effect in two days’ time.
The ECMC Act is being enacted to deal with financial institutions that are facing difficulties and will give the Eastern Caribbean Asset Management Corporation, the power to manage their assets and liabilities with the hope of cleaning up the banks and putting them back into circulation in a positive manner.
“The ECMC must be set up at this time so that work which has started at the commercial banks intervened in the Eastern Caribbean Central Bank (ECCB) can proceed seamlessly. Each member state of the Eastern Caribbean Currency Union (ECCU) will have to pass the legislation,” McIntyre said. “It is one ECMC agreement to be signed by all member states of the ECCU and the bill being presented here is a uniformed one. According to the schedule proposed by the monetary council by the ECCB, it is ideal for the ECAMC to take effect on the 12 of November 2015.”
The Acting Prime Minister pointed out that the passage of this bill is not only for Dominica.
“The passage of this bill is therefore not just about Dominica but more about preserving the financial sector, particularly the banking sector in the ECCU. It is about ensuring that the legal framework for addressing challenged banks is in place and the risk of contagion among commercial banks in the ECCU is reduced.”
He also gave reasons to justify the urgent sitting of parliament.
“The government of Dominica has taken keen interest in banking matters and wishes to ensure that it takes the action required in a timely manner. It is in this context that we requested the sitting of the house to address the passage of this bill.”
Meantime Minister for Trade, Energy and Employment Ian Douglas also expressed his support for the new Act.
“I first want to rise and lend my support to the passage of this act before the house of assembly,” He said. “Those pieces of legislation are necessary in a global context let alone and even more so in a regional context. This legislation Madame Speaker in a nutshell and putting it simply, really is just for the establishment of a management corporation for dealing with assets, for dealing with bad loans basically for the protection of the indigenous banks for local commercial banks, like the NBD’s in Dominica and in the other member states in the currency Union.”
Douglas called for bi-partisan cooperation on the passage of the Act.
“Madame Speaker, it is a simple piece of legislation and I hope that this instance would give us the opportunity to see some bipartisan cooperation on both sides of the house by all members of the house.”
They can’t increase their ability to get loans so they have decided to sell their people off. This is a new level of misery in the Caribbean, expect that there will be a sharp rise in unemployment and crime.
I don’t know why Dominica always ‘douvant’ to pass OECS laws nuh. Stupes!
What for that government to move on they dragging their feet.
It’s just the beginning, the rich will get richer and the poor will get poorer.
Folks are not commenting because the majority do not understand the new Banking ACT.
So it is clear that a GOVT should not be going to parliament to pass an ACT that the majority of Dominicans don’t understand which has financial impact to them as they are the depositors.
The CCB -Team should get their butt off the ground go to these islands to explain or GOVT who should have asked them to go to these islands with a transparent process to explain this to public as it relates to pros and cons of the new ACT before signing.
Just like the trees planted by the living water you government will lead our nation. As they seek your demise with bitterness and discord it will eventually befall them.
Where is the DAIC, the dis-functional association of industry and commerce. they play so much politics now the don’t have the gull to protest their lords decision to pass that koshonie act in parliament.
This assets managenent corporation that has been created, is just another bureaucratic monster that will be placed on the back of the citizens, creating usless,cushy positions for their friends. How can the tax payers be charged with funding this enterprise, which will be beyond the laws of the land, thus, with no mechanisms to seek redress and has no obligation or responsibility to the citizenry? Just more bloat!!
Wow! such an important piece of legislation takes effect in two days? where is the consultation process with the public? I mean sorry, it really does not matter anyway, if the banks goes under, the Dominican people will be on the hook. I forgot, the poorer you are, the more you are oppressed by your leaders.
Can you imagine if the Government was conducting business as efficient as this legislation, we would have been a first world country, forget about third world. Its amazing a country celebrated 37 years of independence and nothing to show for it. Don’t blame TS Erika, before her, there was no hope, after her there is still no hope.
How come Tony never defending Colin?
I watch the news and see they jail bankers in new zealand, even in America bankers face jail, but in Dominica so many of us lose money in clico and not one cell for dem fellas, but when de banks make profit they never share it with us, when they make losses they coming to share, this is unfair and utter wickedness on taxpayers from this DLP evil regime.
While skerrit protecting the banks, who will protect the people, most of those banks treat clients in a malicious manner only is making maximum profit, i thought layba was for the poor man.
”A simple piece of legislation,” Ian? You are really out of your depth. You have been a Minister for 15 years, and there is nothing to show that you have achieved anything in your leadership role in all the different Ministries you have been assigned throughout these 15 long years.
Mr Mk u not crying right?
Where is the Minister of Finance in all that. No information, no explanation to the people of dominica regarding that legislation. Skerritt and his DLP Gov’t really treating us like his toshon pied (foot mat).
Is Colin Mc.intyre the Minister of Finance? I mean truthfully, how could a people continue to allow such dictatorial acts? A phone call to the Leader of Opposition to tell him and his Party of an emergency parliament meeting? On Saturday before the Tuesday sitting, imagine someone brought documents to Linton at his home?
Dominicans you all will continue being driven to hell in a hand basket. Face the hell fire because many still fear the Cabal and what they could do. Remember the firebombing of a police Officer and two elder citizens? On whose side politicians of the ruling DLP Gov’t were on? Boldly, publicly on radio turning, twisiting the facts.
In Haiti, Papa and Baby Doc had many ,doctors, Lawyers, teachers, business people, supporting…
Good luck my fellow Dominicans with this one. You all need to ask Anguilla why they didn’t allows this to pass
I can literally see Skerrit in Vietnam laughing at the opposition. The man boycotted his own bill and ran away and setting up emergency meeting for you all to go and sign his bill into law? Linton and others, with exception of Basil, should be ashamed of themselves and should even resign!
If the opposition is so afraid of Skerrit why should others not be scared of him too? We need a radical opposition with the spirit of Arthie and Rosie to save Dominica, if there is going to be any hope for us
The real reason……the bankers have taken over.